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eqnr20211231p1i0.gif
2021
Annual
 
Report
on
 
Form
 
20
 
-F
 
 
 
 
Equinor, Annual Report on Form 20-F 2021
 
1
RUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
 
DC 20549
FORM
20-F
(Mark One)
REGISTRATION STATEMENT
 
PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF
1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
December 31, 2021
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
 
to
OR
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13
 
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
Commission file number
1-15200
Equinor ASA
(Exact Name of Registrant as Specified in Its Charter)
N/A
(Translation of Registrant’s Name Into English)
Norway
(Jurisdiction of Incorporation or Organization)
Forusbeen 50
,
N-4035
,
Stavanger
,
Norway
(Address of Principal Executive Offices)
Ulrica Fearn
Chief Financial Officer
Equinor ASA
Forusbeen 50
,
N-4035
Stavanger
,
Norway
Telephone No.: 011-47-
5199-0000
Fax No.: 011-
47
-
5199-0050
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange On Which Registered
American Depositary Shares
EQNR
New York Stock Exchange
Ordinary shares, nominal value of NOK 2.50
each
EQNR
New York Stock Exchange
*
*Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements
of the Securities and Exchange Commission
Securities registered or to be registered pursuant to Section 12(g) of the Act:
 
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
 
None
 
2
 
Equinor, Annual Report on Form 20-F 2021
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by
the annual report.
Ordinary shares of NOK 2.50 each
3,232,116,311
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
 Yes
 
No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934.
 
Yes
 
 No
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.
 Yes
 
No
 Yes
 
No
Indicate by check mark whether the registrant has submitted electronically Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files)
Yes
 
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging
 
growth
company. See the definitions
 
of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the
Exchange Act. (Check one):
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Emerging growth company
 
 
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards†
provided pursuant
 
cat
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its
Accounting Standards Codification after April 5, 2012.
 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 762(b)) by the registered public
accounting firm that prepared or issued its audit report.
 
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
 
International Financial Reporting Standards
 
as issued
by the International Accounting Standards Board
 
 
Other
 
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has
elected to follow.
Item 17
 
Item 18
 
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).
 
Yes
 
 No
Equinor, Annual Report on Form 20-F 2021
 
3
We are Equinor
 
We are an international energy company
 
committed to playing a leading role in the
 
energy transition – providing for continued
 
value creation in a net zero future.
We energise the lives of 170 million people.
 
Every day.
eqnr20211231p5i0.gif
4
 
Equinor, Annual Report on Form 20-F 2021
 
We continue to pursue our strategy of always
 
safe, high value and low carbon. To
 
position ourselves
 
as a leading company in the energy transition, we are accelerating
 
profitable growth in renewable energy,
positioning for low carbon solutions and focusing and optimising
 
our oil and gas business.
 
Below are some key figures from 2021.
Equinor, Annual Report on Form 20-F 2021
 
5
2021 highlights
January:
 
Awarded 17 new production licences on the Norwegian
 
continental shelf (NCS). Started constructing the
 
onshore facilities for Northern Lights
CO2 transport and storage.
February:
 
Plan for partial electrification of the Sleipner field
 
centre in the North Sea was approved, to
 
cut CO2 emissions by more than 150,000 tonnes
per year. Entered into agreement to divest interests in the Bakken
 
field in the USA.
March:
 
Public funding confirmed for all three of Equinor’s
 
projects to deliver deep cuts in CO2 emissions
 
from industries and support clean growth on
the UK’s east coast. Important progress to create the world’s first net
 
zero industrial cluster by 2040. Decided to develop
 
Åsgard B low
pressure, a project to secure increased recovery from
 
the Åsgard field in the Norwegian Sea.
April:
 
Decided to develop Askeladd West, increasing the resource
 
base and extending plateau production
 
for Hammerfest LNG.
May:
 
Achieved milestone in Polish renewables with award
 
of contracts for difference to Bałtyk 2 and Bałtyk 3
 
projects and acquisition of the Polish
onshore developer Wento. Entered into collaboration agreements
 
with solid partners for future development of offshore
 
wind at Utsira North
and the North Sea on the NCS.
June:
 
Presented on capital markets day an updated strategy
 
for accelerating the transition to a broad energy company
 
while growing cashflow and
returns. Made final investment decision for Bacalhau phase
 
1 in Brazil. Submitted development plan for
 
Kristin South in the Norwegian Sea.
Plan approved February 2022. Plan for the Breidablikk
 
field in the North Sea was approved by the
 
Norwegian authorities. The Martin Linge
field came on stream, powered from shore. The is
 
the first platform on the NCS to be brought on
 
stream operated from its onshore control
room.
July – August:
The Guañizuil 2A solar plant in Argentina was
 
brought in commercial production. Troll phase 3 came on
 
line, producing gas and extending the
plateau production of Troll gas. New wells have been tied
 
in to Troll A.
September:
 
Taking action to increase gas supply as demand for gas in Europe rose to unprecedented
 
levels, Equinor scaled up production from Troll and
Oseberg, and suspended gas injection at Gina
 
Krog to export the gas. Coupled with a high production
 
efficiency, this boosted Equinor's gas
supply to Europe in the fourth quarter by 16.5%
 
compared to 2020.
October:
Selected our preferred supplier of 15 MW wind
 
turbine generators for Empire Wind 1 and 2 outside
 
New York. A total of 138 turbines, with a
combined generating capacity of around 2 GW, to be delivered.
 
November:
 
Submitted plan for investing further in Oseberg
 
to increase gas production and reduce CO2
 
emissions. Made final investment decision for
Dogger Bank C, the third phase of the world’s largest
 
windfarm development off the east coast of the UK. The
 
first and second phases are
under construction.
December:
 
Increased stake in the Statfjord field. Plan for electrification
 
of Troll C and a partial electrification of Troll B approved, to cut
 
emissions by
almost half a million tonnes CO2 annually. Launched Hydrogen to Belgium,
 
a project for developing production of low-carbon
 
hydrogen from
natural gas in Belgium. Made eight commercial discoveries
 
on the NCS in 2021, several close to existing
 
infrastructure.
 
 
6
 
Equinor, Annual Report on Form 20-F 2021
 
ABOUT THE REPORT
This document constitutes the Annual report on Form 20-F pursuant to the US Securities Exchange
 
Act of 1934 as applicable to
foreign private issuers, for Equinor ASA for the year ended 31 December 2021. Cross references
 
to the Form 20-F requirements are
set out in section 5.11 in this report. The Annual report on Form 20-F and other related documents are filed with the US Securities
and Exchange Commission (the SEC). The (statutory) Annual report (and Form 20-F) are filed with
 
the Norwegian Register of
company accounts.
The Equinor Annual report and Form 20-F may be downloaded from Equinor’s website at
www.equinor.com/reports
. References in
this document or other documents to Equinor’s website are included as an aid to their
 
location and are not incorporated by reference
into this document. All SEC filings made available electronically by Equinor may be found at
www.sec.gov
.
Table of contents
 
2021 highlights
5
About the report
6
INTRODUCTION
 
Message from the chair of the board
9
Chief executive letter
12
STRATEGIC REPORT
 
2.1 Strategy and market overview
13
2.2 Business overview
 
21
2.3 Exploration & Production Norway
32
2.4 Exploration & Production International
41
2.5 Exploration & Production USA
49
2.6 Marketing, Midstream & Processing
54
2.7 Renewables
59
2.8 Other group
63
2.9 Corporate
65
2.10 Operational performance
75
2.11 Financial review
94
 
2.12 Liquidity and capital resources
104
2.13 Risk review
112
2.14 Safety, security and sustainability
126
2.15 Our people
136
 
 
CORPORATE GOVERNANCE
3.1 Introduction
145
3.2 General meeting of shareholders
148
3.3 Nomination committee
150
3.4 Corporate assembly
150
3.5 Board of directors
154
3.6 Management
165
3.7 Compensation to governing bodies
 
173
3.8 Share ownership
182
3.9 External auditor
183
3.10 Risk management and internal control
184
 
 
FINANCIAL STATEMENTS AND SUPPLEMENTS
 
4.1 Consolidated financial statements of the Equinor group
187
4.2 Supplementary oil and gas information (unaudited)
266
 
 
ADDITIONAL INFORMATION
 
5.1 Shareholder information
 
279
5.2 Non-GAAP financial measures
289
5.3 Legal proceedings
 
294
5.7 Terms and abbreviations
 
295
Equinor, Annual Report on Form 20-F 2021
 
7
5.8 Forward-looking statements
 
298
5.9 Signature page
 
300
5.10 Exhibits
 
301
5.11 Cross reference of Form 20-F
 
315
eqnr20211231p9i0.jpg
8
 
Equinor, Annual Report on Form 20-F 2021
 
In September 2022, Equinor celebrates
 
its
 
50-year anniversary. The company has
created value as an early mover and industry
shaper for decades, and we are proud of this
legacy and our purpose to turn natural
resources into energy for people and progress
for society.
Jon Erik Reinhardsen
 
Equinor, Annual Report on Form 20-F 2021
 
9
Message from the chair of the board
Dear fellow investors,
At the time of publishing this annual report, we are deeply concerned for the people
 
suffering from the invasion of Ukraine. Equinor
has made swift decisions to stop trading Russian oil and investments into Russia and has started
 
the process of exiting the
company’s joint ventures in the country. We are committed to complying with relevant sanctions and continue to take actions to
protect our people and operations.
In the situation we are in, Equinor holds an important role as a reliable provider of energy. In September 2022, Equinor celebrates its
50-year anniversary. The company has created value as an early mover and industry shaper for decades, and we are proud of this
legacy and our purpose to turn natural resources into energy for people and progress for
 
society. Looking ahead, we have a strategy
to drive the energy transition and capture the opportunities that lie in front of us.
Safety is the highest priority for the company and the board of directors. Last year, our serious incident frequency improved
compared to 2020, but we still have too many personal injuries related to our activities. The
 
board is therefore working closely with
the administration to turn the trend. Strong collaboration with employee representatives, partners
 
and suppliers is key to further
improve our safety performance.
In 2021, we have seen a significant increase in commodity prices compared to 2020, with a surge in
 
natural gas prices that had a
direct impact on people and societies. This is an important reminder of the significance of our industry, underlining the need for a
reliable and affordable supply of energy through the transition.
At our capital markets day in June 2021, we launched our updated strategy to accelerate
 
our transition while growing cashflow and
returns. With our highly valuable upstream portfolio and our premium project pipeline we have an
 
advantaged starting point. This
gives us a solid platform for funding profitable growth in renewables and shaping new markets within
 
low carbon solutions. All to
build the company and the industry of tomorrow.
In line with our strategy and ambitions, we launched the Norway energy hub. This is
 
an industrial plan for Norway as an energy
nation. Equinor invites partners and governments to collaborate on creating the energy systems
 
of the future. We aim to decarbonise
oil and gas, industrialise offshore wind and hydrogen, and provide commercial carbon capture and storage.
 
This will build new value
chains and facilitate industrial development, investments, and jobs.
During 2021, Equinor reached important milestones. We made the final investment decision for the projects
 
Bacalhau in Brazil and
Troll West electrification in Norway. We have also focused the international oil and gas portfolio by exiting several assets and
countries. This improves robustness and profitability and enables us to capitalise on
 
our legacy business while transitioning to new
activities.
Equinor delivered strong financial results in 2021, as a result of higher commodity prices, continued improvements,
 
and strict capital
discipline. We achieved a total shareholder return of 62%, bringing us to the first quartile in our peer group
1
. Our net income was
around USD 8.6 billion, compared to negative USD 5.5 billion in 2020. Driven
 
by high cashflow we have improved our adjusted net
debt ratio from 32% in 2020 to below zero in 2021.
During the year we have increased our cash dividend, from USD 0.15 per share in the first
 
quarter to USD 0.18 per share in the
third. In addition, we have executed our share buyback programme as part of our capital distribution. For
 
the fourth quarter of the
year, the board proposes to the AGM a cash dividend of USD 0.20 per share, and an extraordinary quarterly dividend
 
of the same
amount.
Last year, we announced that we will submit our energy transition plan for advisory vote to shareholders at the annual general
meeting in May 2022. Sustainability has been integrated in our business for many years, and
 
this plan outlines how we will progress
our efforts towards 2030 and beyond. At our capital markets update in February 2022, we announced a
 
step-up in our climate
ambitions, as we aim to reduce our groupwide net emissions by 50% within 2030.
Equinor’s transition is well underway. We have taken important steps to deliver on our 2050 net zero ambition, while continuing to
create high value. I would like to express my appreciation for our employees’ hard work
 
and dedication and thank our shareholders
for their continued investment.
Jon Erik Reinhardsen
 
1
 
See section 5.2 for non-GAAP measures.
10
 
Equinor, Annual Report on Form 20-F 2021
 
Chair of the board
eqnr20211231p12i0.jpg
Equinor, Annual Report on Form 20-F 2021
 
11
Throughout our history, we have been a
partner for governments and society,
pioneering the field of offshore energy
production. We will build upon this legacy as
 
a key industrial company when we progress
 
on our ambition to become a net-zero
company by 2050.
 
Anders
Opedal
 
12
 
Equinor, Annual Report on Form 20-F 2021
 
Chief executive letter
 
Dear fellow shareholder,
We submit our annual report at a time when the situation in Europe, and the markets we operate
 
in, have changed significantly. Our
thoughts are with all those suffering the consequences from the invasion of Ukraine. The safety and security of
 
our people and
ensuring stable deliveries of energy to Europe under these circumstances are our top priorities.
 
The conditions for civilians are
devastating, and Equinor has committed to contributing to the humanitarian efforts in the region. The invasion
 
and subsequent
sanctions from the international community will affect the global economy and energy markets going forward.
 
It is, however, too early
to foresee the total effects.
In 2021, Equinor laid the foundation for long-term value-creation and continued growth. We launched our updated strategy
 
to
capitalise on an advantaged oil and gas portfolio, accelerate high value growth in renewables,
 
and shape new markets within low
carbon solutions. The strategy will enable us to develop the industrial solutions needed to support societies
 
towards a low carbon
future, and to position Equinor as a leading company in the energy transition.
Last year, the world saw increased economic activity, growing demand for energy and rising commodity prices. Regrettably, we also
had recurring waves of Covid-19 infections affecting people and societies.
 
My number one priority during the year was to keep everyone working for Equinor safe. It is encouraging
 
to see a declining trend in
the serious incident frequency compared to 2020. However, we have seen a slight increase in the total injury frequency. Going
forward, we will continue working systematically to improve these results and ensure the
 
safety of everyone working for us. In 2021,
we launched a new framework for major accident prevention, representing a key milestone
 
in the way we work to safeguard our
people, assets, and the environment.
We have delivered forcefully on our strategy and ambitions in 2021. In the North Sea, we brought new gas
 
with low CO
2
 
emissions
on stream from the Troll phase 3 project. The asset has large recoverable volumes, a breakeven price below USD 10 per barrel, and
will extend the field’s life by decades. Driven by our purpose of turning natural resources into energy for
 
people and progress for
society, Equinor was a reliable supplier of gas to Europe during the year, increasing production to meet rising demand.
In 2021, we continued the development of Equinor as a leading company within renewables. We booked substantial
 
capital gains of
USD 1.4 billion, demonstrating how we add value through early access, project maturation
 
and divestments. Our largest project
under construction is now Dogger Bank, the giant wind farm. The full development will
 
have capacity of around 3.6 gigawatt, about
5% of the total UK power demand.
Within low carbon solutions, we are contributing to decarbonisation of industries and sustainable
 
growth. In Norway, construction
started on the onshore facilities for Northern Lights CO
2
 
transport and storage. This is one of the world’s first projects to offer this
solution as a service to industrial customers and demonstrates our ability to develop full scale
 
systems. On the UK east coast, we
are building a net zero industrial cluster in collaboration with authorities, customers, partners, and suppliers. Together, we will deliver
hydrogen and carbon capture and storage for a low carbon future.
Our investments in renewables and low carbon solutions increased from 4% to
 
11% of gross capex
2
, demonstrating our commitment
to drive the energy transition. We expect a further increase to more than 30% in 2025, and above
 
50% in 2030. We also have a
profitable pipeline of oil and gas projects coming on stream by 2030, with low emissions,
 
short payback time, and average
breakeven price below USD 35 per barrel.
In 2021, we demonstrated Equinor’s ability to generate value for our shareholders and for
 
the societies where we operate. We
delivered strong financial results, with a net operating income of USD 34 billion. Return on
 
average capital employed increased from
 
2% to 23% compared to the previous year, and the rebased production growth of oil and gas increased by around 3%. The
 
adjusted
earnings were USD 33 billion before tax, and USD 10 billion after tax
2
.
We have maintained a continuous cost focus and captured higher prices through solid operating performance. I
 
am deeply thankful
and proud of the work our people have done to achieve this.
In 2022, it is 50 years since Equinor was founded. Throughout our history, we have been a partner for governments and society,
pioneering the field of offshore energy production. We will build upon this legacy as a key industrial company when we progress
 
on
our ambition to become a net-zero company by 2050.
Anders Opedal
President and CEO
2
 
See section 5.2 for non-GAAP measures.
 
 
 
 
eqnr20211231p14i0.jpg
Equinor, Annual Report on Form 20-F 2021
 
13
2.1
 
Strategy and market overview
Landfall
 
at Kalstø
 
of gas
 
condensate
 
pipeline
 
from
 
Sleipner
 
– Sverre
 
Rønnevig
Equinor’s business environment
Market overview
The global economy rebounded strongly in 2021, following the deep pandemic-driven fall in 2020. During
 
2021 further steps were
taken on the path from recovery to expansion, and the economic growth for the full year was 5.6% year on year according
 
to IMF
3
.
However, the rapid demand recovery generated significant imbalances in several markets, resulting in climbing inflation across
countries. Moreover, supply shortages and transport bottlenecks triggered by the pandemic response proved far more persistent than
anticipated, and labour shortages and a confluence of other factors evoked surging energy
 
prices.
 
Despite ongoing concerns about new Covid variants, comprehensive vaccination programmes in western economies
 
allowed for
economies to open and growth to pick up. A sharp recovery, particularly in the first half of the year was led by an upswing in
aggregate demand boosted by households’ release of excess savings and pent-up demand for goods
 
and services. Entering the
autumn, the built-up imbalances became more evident, and threats of new Covid variants
 
were looming. In 3Q 2021 the global
expansion weakened, due to the Delta variant disruptions, rising inflation and broadening supply
 
shortages slowing the activity level in
the industrial sector. 
Amidst record high inflation, increasing labour market tightness and fiscal policy hurdles, the US
 
economy rebounded sharply, and
2021 GDP growth was at 5.6% year on year. The Eurozone’s 2021 GDP growth was at 5.2% year on year, backed by solid increase
in demand, but the energy crisis and mobility restrictions during the autumn dampened growth.
 
China’s growth rate for 2021 was 8.1%
year on year, but economic activity abated during the year, faced with headwinds from the real estate sector, an energy crunch and
intermediate goods shortages limiting manufacturing output and growth. 
Economic development in 2021 was strong, but major uncertainties remain as the pandemic still maintains its
 
grip. Furthermore, the
energy crisis seen during the year may reflect conflicting objectives of the energy transition. Current
 
renewable energy generation
capacity has not yet proven to be of sufficient size to meet demand, and that potentially points to higher and more
 
energy inflation
ahead. Given the softer pace of growth in 4Q 2021 the handoff to 2022 was weak. Broad price
 
pressures continue to eat into
purchasing power and could spill over to wage rises in tight labour markets. Inflationary concerns
 
have led major central banks
towards faster monetary tightening, and the pace of US monetary tightening could have widespread
 
impact on global financial
markets and economic growth. The near-term outlook hinges on the spread of Omicron and corresponding
 
restrictions on economic
activity, with China’s zero Covid-tolerance being a potential threat to growth with international repercussions. Despite expectations of
3
 
All 2021 GDP growth rates are from IMF
 
World Economic Outlook January 2022
14
 
Equinor, Annual Report on Form 20-F 2021
 
gradual easing, continued upward inflationary pressures from supply chain disruptions and elevated energy prices
 
could also dampen
growth momentum. Global growth in 2022 is expected to be 4.2% year on year, with risks skewed towards the downside.
Oil prices and refinery margins
Oil prices were on a rising trend throughout 2021, although not a smooth and steady one. Dated
 
Brent rose from 50 USD/ barrel in
early January to 77 USD/barrel by the end of December, with a peak of 86 USD/barrel in late October. The annual average price rose
from 41.7 USD/barrel in 2020 to 70.7 USD/barrel in 2021. Global crude oil balances were generally
 
in deficit throughout the year. The
IEA shows the deficit at -1.1 million
 
barrels/day, or -400 million barrels throughout the year. This resulted in the large storage build-up
during 2020, gradually being reversed. By the end of the year, global stocks were at the low end of a 5-year range, and the oil market
was perceived to be tight.
 
A main contribution to the tightness was that Opec+ agreed in July to keep raising
 
their output level by 0.4 million barrels/day each
month through September 2022, when output is expected to return to the same level as in
 
October 2018. Opec+ is the co-operation
between Opec and Russia, plus nine other states. As part of the agreement, monthly meetings were
 
held to evaluate the need for
changes to this plan based on market developments. This brought some predictability to the market,
 
resulting in less volatility when
compared to 2020. Another contribution was that US shale oil companies were under pressure from their
 
shareholders to use their
higher cashflow to pay debt and dividends, rather than to drill more wells and increase production.
In 1Q 2021, prices rose in January as Saudi Arabia announced an extra voluntary cut of 1 million
 
barrels/day. This led to a scramble
for alternative supply. Much ended up being taken from the US, leading to additional stock draws. However, prices stalled at 55
USD/barrel as the joint comprehensive plan of action (JCPOA) talks regarding Iran’s nuclear program resumed, leading to increased
likelihood over an immediate end to US sanctions on Iranian oil exports and significant supply returning
 
to market. The round of
negotiations ended without result, but Iran was seen to raise crude oil supply to China
 
anyway without obvious impact on prices. In
February, prices continued to rise as vaccination programs started in earnest and expectations of an end to mobility restrictions. Along
with further cuts announced by Saudi Arabia in early March, this pushed the price up to 69 USD/
 
barrel. However, in late March, news
of potential problems with the AstraZeneca vaccine and a dip in Chinese buying led to a
 
drop to 64 USD/ barrel.
 
In 2Q 2021, prices rose again, reaching 70 USD/ barrel by mid-May. Demand rose while Opec and Russian supply remained
restricted. However, market concerns persisted, with new virus outbreaks in Asia, and a new round of JCPOA talks leading again to
expectations of additional crude oil from Iran returning to market. The level at 70 USD/ barrel was
 
largely related to investor’s
positions, but as prices did not break the 70 USD/ barrel mark, the underlying futures contracts were
 
sold, leading to a drop to 66
USD/ barrel in late May. Also, the Colonial pipeline, the main product pipeline from Houston to New York suffered a hacker attack,
leading to stock builds on the Gulf Coast. In June, easing of mobility restrictions led to a
 
demand rise that was higher than the
restricted supply growth from Saudi Arabia and Russia, taking prices up to 76 USD/ barrel by end
 
of June. The tight market led the
Biden Administration to ask Opec to raise output just after the IEA released their Net Zero
 
Emission report.
 
 
In 3Q 2021, prices fell gradually back to 66 USD/ barrel in mid-August, before rising again to
 
78 USD/ barrel by end-September. In
early July, the Opec+ cooperation was formalized, saying that output from the group each month would rise by 0.4 million barrel/d.
The fall in price to 66 USD/ barrel was largely due to uncertainty over demand, caused by the
 
outbreak of the Covid-19 Delta variant.
Adding to the weakness, China started to restrict product export quotas, leading to lower
 
crude oil intake. In late August, the hurricane
Ida hit the US Gulf coast, leading to a loss of around 30 million barrels of Gulf of Mexico
 
production. Along with stagnant shale oil
production, this led to low stocks in the US. European stocks had fallen to 2019 levels at
 
the end of the quarter, supporting a price rise
in September. Gas prices saw a significant increase to levels above those for oil products. This led to expectations for a shift in
demand from gas to oil in power plants and for heating.
 
In 4Q 2021, prices first rose to 86 USD/ barrel in late October, then tapered off, before falling to below 70 USD/ barrel in late
December, finally ending the volatile year at 77 USD/ barrel. The rise was caused by concern that several Opec countries appeared
 
to
no longer have the production capacity that the Opec+ production quota increase was
 
based on. This was mainly due to low field
investments and maintenance issues. Even Russia was seen close to actual capacity. That raised questions over where supply in
2022 should come from. Price reactions were still muted by expectations for a strong rise in US
 
shale oil supply at this price level. On
November 25, news of the Omicron virus emerged. The next day, oil prices had their largest single-day drop ever, by 9 USD/ barrel.
Prices stayed low in December on fears of new lockdowns which would reduce demand.
 
The rise at year-end was a paper market
effect. Investors who held equities and bonds feared that the high inflation in the US would lead
 
to rising interest rates, which would
reduce values of equities and fixed-rate bonds. They therefore shifted portfolios toward commodities
 
that would follow or drive
inflation, including oil.
 
Refinery margins
 
Refinery margins in North-West Europe stayed low in 1Q 2021 and moderate in 2Q 2021. They
 
then rose sharply throughout 3Q
2021, while the level in 4Q 2021 was the highest for at least the past 10 years. The
 
development largely followed the growth in
products demand, as virus restrictions were eased and vaccination programs gained speed. IEA
 
shows global demand rising by 5.7
million barrels per day from 93.3 in 1Q 2021 to 99.0 in 4Q 2021. Refinery intake only rose by
 
4.5 million barrels per day. A reason for
the lower intake growth was developments in China. In June, authorities put taxes on imports of
 
gasoline and diesel components,
 
Equinor, Annual Report on Form 20-F 2021
 
15
which had earlier let independent refineries have a margin advantage on such components. In 4Q
 
2021, they also reduced the crude
import and product export quotas for domestic refineries as part of efforts to reduce carbon emissions. As
 
a result, Chinese refinery
intake did not rise from 1Q 2021 to 4Q 2021, despite the start-up of two large new refineries. US
 
Gulf Coast capacity was also hit first
by a cold snap in February and then by Hurricane Ida in September, both leading to periods of outage.
The very high margins in 4Q 2021 mask a much higher operating cost level. Gas prices
 
rose sharply, and many refineries are fuelled
with grid gas. Many also use gas to produce hydrogen, which is used for desulphurisation of
 
products, and in certain upgrading units.
High gas prices also led to higher prices of electricity and for carbon emission allowances,
 
as more of the electricity came from coal-
fired plants. Effects were then individual to each refinery, also depending on to what extent it had hedged gas prices, but in general it
appears that these extra costs were passed on to consumers. The cost level led to a preference for
 
light, low-sulphur crudes that
require little hydrogen use. Margins peaked in October, as the emergence of the Omicron virus in late November led to concerns
about demand ahead.
Natural gas prices
Gas prices – Europe
The European gas market experienced an unprecedented price rally in 2021 only a year after
 
a strong drop in demand and an
oversupplied market. The average gas price in 2021 rallied to 15.8 USD/mmBtu TTF, which is five times higher than the average gas
price in 2020 of 3.2 USD/mmBtu. The combination of robust demand growth as economies recovered
 
from the Covid pandemic,
prolonged winter, dry summer, and unplanned supply outages led to tight markets. The continuation of strong Asian and South
American demand for LNG in the summer, combined with continued supply constraints for LNG and European production, meant that
Europe was unable to restock at anywhere near a normal rate, thus putting upward pressure
 
on gas prices. The real shock for the
market came, however, in Q4 2021 when Russian pipeline supply via the Yamal-Europe route dropped sharply to less than a third of
normal levels. In the second part of December, the shipments via the Yamal-Europe switched to reverse flows from Germany to
Poland. That, together with French nuclear issues, and below than normal temperatures drew European
 
storage stocks significantly
down below their 5-year average in mid-December and resulted in a record gas price of
 
above 60 USD/mmBtu on 21 December 2021.
Gas prices – North America
The Henry Hub spot price averaged 3.9 USD/mmBtu for the year, nearly doubling from 2.0 USD/mmBtu in 2020. Modest production
growth, resilient demand and strong LNG exports were key factors driving the price increase. Despite
 
higher oil and gas prices,
producers kept focus on free cash flow and balance sheet repairs rather than production growth.
 
Drilling activity increased in 4Q21,
but overall growth remained below 2% year-over-year. On the demand side, low coal inventory forced the thermal power market to
burn more natural gas than coal-to-gas switching economics would normally incentivise. Residential,
 
commercial, and industrial
demand remained unchanged. US LNG exports grew by 50% year-over-year, from 64 Bcm to 96 Bcm. In addition to new export
capacity on the US Gulf Coast, favorable international gas prices
,
 
in Europe and Japan in particular, drove terminal utilization up and
exports to record highs
 
Global LNG prices
The global LNG market has seen extraordinary high prices during 2021. This was caused
 
by a cold winter with power shortages in the
Far East as well as strong Chinese buying during the spring months, which are usually a
 
period with seasonally low imports, as well
as a series of both planned and unforeseen outages (Australia, Indonesia, Malaysia, Norway
 
and the US).
 
While around 170 to 180
cargoes were cancelled in 2020 as prompt price fell below what was needed to cover marginal
 
cost of production, none were
cancelled in 2021 for that reason. It has been a year of extreme price movements, with the
 
lowest reported price at 5.56 USD/mmBtu
and the highest reported price at 56.33 USD/mmBtu, with an average of 18.6 USD/mmBtu.
 
It was the year when natural gas became
a premium product compared to crude oil as gas overtook oil in price per energy content. A key
 
market driver of price has been the
volatility in the European gas markets as the Far East and Europe compete for
 
the same cargoes globally. As an effect, European
price shocks have filtered into the Asian LNG price.
 
European electric power and CO
2
 
prices
Electric power prices in the major Western European markets (UK, France, Germany, Belgium, Netherlands, Spain and Italy)
averaged 112.5 EUR/MWh in 2021, more than a trebling compared to 2020. While the Covid-19 crisis dampened demand and prices
in 2020, 2021 was characterised by surging commodity and EU ETS prices, lower than expected
 
wind output and recovering electric
power demand as Covid-19 measures eased. Power prices were relatively stable in
 
the first half of the year, before skyrocketing after
the summer. December ended up with a staggering average price of 256 EUR/MWh, more than a quadrupling since January. Gas
prices saw a similar increase as power in the same period, while the EU ETS price more than
 
doubled. The EU ETS reached record
highs in 2021, with the price reaching a peak of 90 EUR/t on 8 December. The surge in allowance prices was driven by several
factors, including 1) reduced number of allowances through the market stability reserve mechanism,
 
2) expectations of future market
tightness through the EU “Fit-for-55” package, and 3) fuel-switching to more carbon intensive coal
 
due to high gas prices, thus
increasing emissions and the demand for allowances. The German electricity sector
 
emissions rose for the first time since 2013
causing them to miss 2021 climate targets, even if more than 40% of the sector’s
 
electric power generation came from renewables. In
the EU, installations of new renewable capacity were record high in 2021, adding 24 GW
 
of solar and 17 GW of wind capacity.
16
 
Equinor, Annual Report on Form 20-F 2021
 
Equinor’s corporate strategy
Equinor is an international energy company committed to long term value creation in
 
a low carbon future. Equinor is inspired by its
vision of being a leading company in the energy transition on a path to net zero. Therefore:
Equinor’s updated strategy is to create value as a leader in the
 
energy transition by pursuing high-value growth in
renewables and new markets opportunities in low carbon
 
solutions at the same time as it optimises
 
its oil and gas
portfolio. Equinor’s strategy continues to be guided by the three strategic
 
pillars:
Always
 
safe, High value, Low
carbon.
 
Equinor is changing from a position of strength. With a highly competent organisation, our
 
values at the core and a long history of
technology and innovation, Equinor is in a unique position to become a leading company in
 
the energy transition. Nevertheless,
Equinor recognises that climate change has become the major challenge in the energy context which remains
 
volatile. The world’s
energy systems are in rapid transition to meet the challenge. The journey towards net
 
zero creates new industry opportunities, and
Equinor is ready to seize these opportunities. As Equinor transforms, it must
 
strike the right balance between generating cashflow to
enable the transition, supporting our core business, growing in new energy areas and continuing
 
as an attractive investment for our
shareholders. To do so, Equinor is concentrating its strategy realisation and development around the following areas:
Optimised oil and gas portfolio
– strengthening competitiveness and value creation with reducing emissions from operations as
top priority. New exploration acreage will be focused on areas with existing infrastructure, limiting our frontier exploration.
High value growth in renewables
 
– building a profitable business and looking to increase returns on offshore wind through
regional synergies, project financing, strategic farm downs to be among the top global players in
 
offshore wind and test future
business in selected onshore markets.
New market opportunities in low carbon solutions
 
– using our capabilities and operational experience from carbon capture
and storage at Sleipner and Snøhvit to develop low carbon solutions and value chains aiming for a leadership
 
position in the
European CCS market with a market share above 25%.
While concentrating on the areas above to develop and realise its strategy, Equinor’s strategic pillars remain firm and continue to
guide our business.
Always safe
 
- safety is Equinor’s top priority. Equinor works hard to reduce risk and avoid incidents and injuries, both among our
 
own
employees and those of our suppliers. Everyone working for Equinor should return safely from work
 
and Equinor will step up its safety
performance through a One Equinor culture, more proactive safety leadership and forceful implementation
 
of the “I am Safety”
Roadmap.
High value
 
- Equinor will drive competitive performance and efficiency improvements will remain a priority. Equinor’s growing oil and
gas cashflow will enable the transformation and ensure value creation for Equinor’s
 
shareholders and society. NCS assets are
expected to generate substantial cashflow during the coming decade. The portfolio is resilient
 
to low prices, has fast return on
investments and world-class breakevens. We are growing cashflow from our international portfolio, making it more robust
 
towards
lower prices. Projects in Brazil and the Gulf of Mexico, coming onstream from the mid-2020s,
 
will contribute significantly. Through our
positions in the offshore wind market and European low carbon solutions, we will build a pipeline
 
of future projects. We will utilise our
trading and midstream capabilities to optimise the portfolio of commodities that we provide to
 
our customers, together with new
products and services from low carbon solutions.
Low carbon
 
- Equinor’s long-term ambition is to become a net zero company by 2050. Equinor
 
has set interim ambitions for its
portfolio, to establish a pathway to net zero. Equinor aims to reduce its group-wide emissions by
 
50% by 2030, reinforcing its
commitment to reduce net carbon intensity for the energy provided by 20% by 2030 and
 
40% by 2035. Those ambitions are backed
by actions such as: Reducing emissions from our oil and gas operations, increasing renewables capacity, establishing value chains in
CCS and hydrogen, increasing the share of non-combusted products from hydrocarbons,
 
and using high-quality carbon sinks. In the
longer term, a decline in oil and gas production will also drive reductions in net carbon intensity towards
 
net zero in 2050.
With its clear ambition to become a net zero energy
 
company by 2050, Equinor maintains its advantage as a leading company in
carbon-efficient oil and gas production while building a low carbon business to capture new opportunities in the energy transition.
Equinor believes a lower carbon footprint will make it more competitive in the future and sustainability
 
is integrated in Equinor’s
strategic work. Our four sustainability priorities are closely linked with our strategic pillars and focus areas. Further
 
information can be
found in section 2.14 Safety, security and sustainability and in the 2021 Sustainability report.
To deliver on the strategy,
 
Equinor has four key strategic enablers that strengthen the company’s competitiveness:
Safety, security,
 
and sustainability (SSU)
is focused on taking care of people, the environment and assets while enabling
Equinor’s accelerated transition. Stakeholder expectations on safety, security and sustainability are ever increasing and Equinor
aims to meet them. We are improving our capabilities to respond to and truly understand the business
 
risks and opportunities
Equinor, Annual Report on Form 20-F 2021
 
17
connected to climate, human rights and social responsibilities, and the environment. We are strengthening our management of
evolving security threats and interconnected cyber, physical and insider risks. We always strive to learn from previous incidents
to further improve the safety work in Equinor. Higher risk awareness, better exchange of learning from incidents and faster
implementation of findings will be areas to strengthen as we continue to improve the development
 
of our safety performance in
the coming years. The extensive use of competence centres will enable us to efficiently prioritise and mobilise behind
 
the most
important tasks for Equinor, whilst developing skills and capabilities for the future within the SSU community.
High quality execution of activities
in close collaboration with suppliers to maximise value creation. Our portfolio represents
 
a
large opportunity set within Oil & Gas, Renewables and Low Carbon Solutions, and
 
our execution excellence creates synergies
across the different disciplines. Our offshore pioneering position has been demonstrated by world class project and drilling
executions, highlighted by both the benchmark agency Rushmore and Independent Project Analysis
 
(IPA). In addition, Equinor is
delivering a large improvement agenda to ensure that our execution capabilities continue to be in the top
 
of international
benchmarks. It includes new technology, digital advances and new ways of working both internally and with our suppliers.
Technology and innovation powerhouse
to unlock new opportunities and enhance value creation. We have transformed many
times over the past five decades and technology and innovation advances have always been a part of our
 
DNA. Shaping the next
generation solutions together with the external ecosystem is our vision, and we strongly believe in
 
continuing to strengthen our
competitive advantage outside the current position. An increased focus on potential pace and scale across
 
the company have
been established, to make sure that we prioritise our focus on the energy transition opportunities
 
where it would matter the most.
Our people
are our most valuable asset, and it is their collective competence that enables us to deliver on our strategy. To
deliver on the energy transition we are adapting, expanding and replenishing our competence
 
and capacity to meet new business
challenges. We are building on strong core competencies and we are investing in learning to support our employees in
accelerating the development of their skillsets. This also means attracting and retaining key talent
 
in a highly competitive market
and we are further strengthening our talent attraction and retention efforts, creating engagement and pride
 
around our purpose
and strategy. Our focus on flexibility, collaboration and inclusiveness will continue, along with the evolution of our operating
model and ways of working to further strengthen our competitiveness.
With the updated strategy focusing on leadership and value creation in the energy transition and
 
supported by its existing pillars and
updated enablers, the Business Areas (BAs) are well on the way with their response to realise
 
and execute on Equinor’s new strategy.
Transforming the Norwegian continental shelf (NCS) to deliver value for decades
For 50 years, Equinor has explored, developed and produced oil and gas from the NCS. It represents
 
approximately 65% of Equinor’s
equity production at more than 1.35 mmboe per day in 2021. The cashflow from NCS in
 
2021 reached a record high of more than
USD 20 billion. We expect that NCS cash flow and value generation capacity will continue to be
 
substantial going forward.
Equinor is continuing to add highly profitable barrels through exploration and increased oil
 
and gas recovery. In 2021 Equinor made
eight commercial discoveries in areas close to existing infrastructure. The production outlook for the next decade
 
has been further
strengthened with an expected production growth towards 2026 and a 2030 forecast at current production
 
level.
In 2021 several important projects were approved, and new projects came on stream. The partners in the
 
Åsgard licence decided to
invest approximately NOK 1.4 billion to further develop the field and implement the Åsgard B low-pressure
 
project. The plan for
developing the Breidablikk field was approved. Both Martin Linge and Troll phase 3 came on stream. With a breakeven
 
price of less
than USD 10 per barrel oil equivalents, Troll phase 3 is one of the most profitable projects in Equinor's history. The gas is also
produced with record-low CO
2
emissions, less than 0.1 kilo per barrel oil equivalent.
Equinor is continuing to improve the efficiency, reliability, carbon emissions and lifespan of fields already in production
- with all time
high Production Efficiency for EPN
 
assets and all-time low maintenance backlog.
The unit for late life assets (FLX) has continued to
develop new ways of working to realize the full potential of our late life fields. The results from
 
FLX so far are promising with realized
improvements on safety indicators, operational performance, and financial results
.
Our efforts to reduce CO
2
 
emissions from NCS operations are progressing. Continued focus on operational measures are
 
reducing
current and near-term emissions. The CO
2
 
abatement portfolio is maturing; the Sleipner and the Troll West partial electrification were
approved by the authorities during 2021 while the PDO for Oseberg gas capacity upgrade and
 
partial electrification was submitted to
the authorities in November 2021.
In 3Q 2021 Equinor launched Norway energy hub, an industrial plan for the energy nation Norway, pointing at steps to be taken during
the next decade. The plan is both an invitation to collaborate and a specification of what it takes
 
to create new sustainable energy
value chains for a net-zero future. The purpose is to contribute to the transition Norway will go
 
through during the next decades. The
plan outlines how Norway can maintain its position as an energy nation through investment in new
 
renewable and low carbon
industries. It shows what is needed to decarbonise oil and gas production, industrialise offshore wind, commercialise transport
 
and
storage of CO
2
 
and scale up hydrogen production. The plan includes investment
 
estimates and points at policies necessary to trigger
investments. It is not a plan for Equinor alone, rather an invitation to facilitate cooperation
 
between Norwegian companies, the State
and other organisations. This broad collaboration is necessary to ensure that Norway meets its
 
climate goals, further develops
expertise, creates new industrial jobs, provides stable access to more renewable energy and maintains the
 
position as a reliable
provider of clean energy.
 
18
 
Equinor, Annual Report on Form 20-F 2021
 
Transforming the value of international oil and gas
Equinor has built its international oil and gas portfolio over the past 30 years, representing approximately
 
35% of Equinor’s equity
production at 0.7 million boe per day in 2021.
In 2021, Equinor made significant progress to focus and optimise its oil and gas portfolio with country
 
exits from: Australia, Ireland
(Corrib divestment to be completed in 2022), Kazakhstan, Mexico, Nicaragua, and South Africa.
 
Further, the following assets were
divested within established country positions: Bakken and Austin Chalk (US onshore), Terra Nova (Canada) and Bajo del Toro Este /
Aguila Mora Noreste (Argentina onshore).
Equinor continues to optimise its strong set of development projects, and in 2021, made the final investment
 
decision for Phase 1 of
its operated Bacalhau field, off the Brazilian coast. Two satellites to block 17 in Angola came onstream. Aligned with its focused
exploration strategy, Equinor is appraising the operated Monument discovery in the US Gulf of Mexico.
On the climate front, Equinor is assessing the potential for low carbon value chains around key international
 
upstream assets. In the
US northeast, Equinor is collaborating with partners and major industrial players to assess blue hydrogen
 
and CCS around its onshore
natural gas position.
Renewables - Developing a high value business
The renewable industry is changing and growing at an unprecedented pace, presenting opportunities for
 
decades of growth. Equinor
has a strong renewable development portfolio, and we are leveraging our core competencies in managing
 
complex oil and
gas projects when growing in offshore wind. By 2026 Equinor expects to significantly increase installed
 
capacity from renewable
projects under development, mainly based on the current project portfolio. Towards 2030, Equinor expects to increase installed
renewables capacity further to between 12 and 16 GW
4
, depending on availability of attractive project opportunities.
Becoming a global offshore wind major
Equinor has the last year continued to develop and optimise its offshore wind portfolio. The two first Dogger
 
Bank projects are under
construction and the last phase of the development, Dogger Bank C (1.2 GW), has been brough
 
to investment decision in 2021.
Equinor also adjusted the equity share by farming down a 10% stake to ENI in 4Q the same year
 
to realise value.
 
Dogger Bank will
be the world’s largest offshore wind farm development with an installed capacity of 3.6 GW - enough to supply 5% of UK electricity
demand.
In the beginning of the year Equinor and bp completed their previously announced transaction in the US,
 
whereby Equinor has sold a
50% interest in both the Empire Wind and Beacon Wind assets on the US east coast. The
 
transaction was the first step in the
strategic partnership in offshore wind where Equinor and bp are combining strengths to enable profitable growth in
 
offshore wind in
the US. Equinor will remain the operator of the projects in these leases through the development,
 
construction and operations phases,
and the wind farms will be equally staffed in operations.
In South Korea, Equinor continues to develop its position by developing an offshore wind portfolio and
 
building local partnerships. In
4Q 2021 Equinor signed a memorandum of understanding with Korea East-West Power (EWP),
 
one of South Korea’s state-owned
power generation companies, to cooperate on 3 gigawatts of offshore wind projects in the country. The partnership with EWP provides
a strong basis for Equinor to develop a leading role in developing a pipeline of offshore wind projects needed in South Korea’s
ongoing energy transition. Equinor has also strengthened its position in the future Norwegian offshore wind market
 
by entering into a
collaboration agreement with Vårgrønn, a Norwegian renewable energy company established by
 
HitecVision and Eni. The
collaboration aims to jointly prepare and submit an application to the Norwegian authorities to develop
 
floating offshore wind at Utsira
North in the Norwegian North Sea.
Another collaboration agreement between Equinor, RWE Renewables and Hydro REIN was also signed early in 2021 for offshore
wind in Norway. The three partners agreed to jointly prepare and submit an application to the Norwegian authorities to develop a
large-scale bottom-fixed offshore wind farm in the Southern North Sea 2 area in the Norwegian North Sea. The
 
partnership represents
a strong combination of experience and expertise from offshore wind development, energy market insight and large-scale
 
industrial
project execution.
In the floating part of the offshore wind industry, Equinor continued the construction of Hywind Tampen,
 
which will be the first floating
windfarm connected to an oil and gas installation. Equinor believes floating wind has a large potential
 
as up to 80% of the world’s
offshore wind potential will likely require floating solutions and continues to develop the portfolio as well as its efforts to reduce cost
and risks to improve the attractiveness of this technology globally. Our ambition is to bring floating wind towards commerciality by
2030.
Maturing opportunities in onshore renewables
4
 
Including Wento and Equinor’s shares in Scatec ASA
Equinor, Annual Report on Form 20-F 2021
 
19
Equinor believes in diversifying its renewable business and pursuing additional growth options in
 
new markets and geographies.
Having a flexible portfolio gives us the ability to provide power from numerous renewable energy
 
sources including offshore wind,
energy storage, solar and onshore wind. Over time we expect to build a profitable onshore growth
 
platform in selected power markets.
Last year Equinor expanded is activities by the acquisition of 100% of the shares in Polish onshore renewables
 
developer Wento from
the private equity firm Enterprise Investors. The transaction strengthened and diversified our portfolio in
 
Poland. It gives Equinor an
onshore growth platform in a transition market set for significant renewables growth.
Equinor sees a solid opportunity to create profitable businesses by deploying batteries and storage
 
assets to satisfy the growing need
to stabilize power markets, either as a part of offshore or onshore renewable assets or as separate units suppling
 
services to the grid.
In addition, Equinor is exploring opportunities and cooperation within the green hydrogen sector to
 
build new and supporting value
chain. Hydrogen is expected to become an integrated part of the future energy system and Equinor is taking
 
positions adding clean
hydrogen as an enabler for transport and storage of clean energy produced by renewables.
Midstream, marketing and processing (MMP) – Secure premium market access, grow value creation
 
through cycles and
build a low carbon business
MMP works to maximise the value creation in Equinor’s global mid- and downstream
 
positions. The business area is responsible for
global marketing and trading of crude and petroleum products, natural gas, electric power and green
 
certificates. This also includes
marketing of the Norwegian state’s natural gas and crude on the Norwegian continental shelf. MMP
 
is also responsible for onshore
plants, transportation and for the development of value chains to ensure flow assurance for Equinor’s
 
upstream production and to
maximise value creation.
As part of the Equinor group, Danske Commodities, one of Europe’s largest electricity traders, supports Equinor’s
 
strategy to build a
profitable renewables business. In addition, MMP is responsible for developing low carbon value chains for Equinor, with key focus on
transforming natural gas to clean hydrogen and developing carbon capture, usage and storage (CCUS)
 
projects.
In 2021, MMP has made significant progress on developing low carbon solutions for a net zero future:
The Northern Lights (Equinor 33.33%, operator) which is part of the Norwegian full-scale CCS Longship
 
project is under
development and expected to be operational in 2024. This is a milestone for commercial CCS
 
in Europe.
 
Equinor sold its refining business in Denmark supporting its strategy to focus its portfolio around core
 
areas. Equinor is
concentrating its refining position around Mongstad, Norway, where the company can leverage its integrated industrial
 
cluster,
expand the portfolio of low carbon energy products provided and contribute to Equinor’s
 
efforts in the energy transition.
The East Coast Cluster (ECC), formed by Equinor and partners, has been selected by the British
 
government as one of the first
two carbon capture, usage, and storage (CCUS) clusters with deployment by the mid-2020s in the
 
UK.
Northern Endurance Partnership is the offshore CO
2
 
transport and storage infrastructure of the ECC. Equinor is partner in NEP
together with four other energy companies and holds the CO
2
 
storage licence Endurance
 
together with NGV and bp.
Equinor’s H2H Saltend project is a part of the ECC and will produce blue hydrogen
 
at industrial scale. Phase 2 of the cluster
sequencing process, where emitter projects will submit their bid to connect to the ECC infrastructure is
 
now ongoing. Equinor is
submitting bids for Hydrogen to Humber Saltend in addition to three clean power projects in the
 
phase 2 process.
Applications for new CO
2
 
storage licenses on the NCS were submitted to the Norwegian government.
Barents Blue Ammonia, where Equinor is partner with Horisont Energi and Vår Energi, was
 
awarded funding from Enova to
establish a blue ammonia production plant in Finnmark.
Progressed a plan to partially electrify the Norwegian Kårstø gas processing plant, reducing emissions
 
by 0.5 MT CO
2
.
 
eqnr20211231p21i0.jpg
20
 
Equinor, Annual Report on Form 20-F 2021
 
Modules for the Johan Castberg FPSO leaving Aker Solutions in Egersund in September 2021, headed
 
for Stord.
 
Group outlook
Organic capital expenditures
5
 
are estimated at an annual average of around USD 10 billion for 2022-2023 and at an annual
average of around USD 12 billion for 2024-2025
6
.
Production
7
 
for 2022 is estimated to be around 2% above 2021 level.
 
Equinor’s ambition is to keep the
unit of production cost
 
in the top quartile of its peer group.
Scheduled maintenance activity
 
is estimated to reduce equity production by around 40 mboe per day for the full year of 2022.
These forward-looking statements reflect current views about future events and are, by their nature, subject
 
to significant risks and
uncertainties because they relate to events and depend on circumstances that will occur
 
in the future. Deferral of production to create
future value, gas off-take, timing of new capacity coming on stream, operational regularity,
 
the ongoing impact of Covid-19, Russia’s
invasion of Ukraine and our subsequent decision to stop new investments into Russia and
 
to start the process of exiting our Russian
joint ventures represent the most significant risks related to the foregoing production guidance.
 
Our future financial performance,
including cash flow and liquidity, will be affected by the extent and duration of the current market conditions, the development in
realised prices, including price differentials and other factors discussed elsewhere in the. For further information, see
 
section 5.8
Forward-looking statements.
5
 
See section 5.2 for non-GAAP measures
6
 
USD/NOK exchange rate assumptions of 9.
7
 
The production guidance reflects our estimates
 
of proved reserves calculated in accordance
 
with US Securities and Exchange Commission
(SEC) guidelines and additional production from other
 
reserves not included in proved reserves
 
estimates. The growth percentage is based
 
on
historical production numbers, adjusted for portfolio
 
measures.
 
 
 
Equinor, Annual Report on Form 20-F 2021
 
21
2.2
 
Business overview
History in brief
18 September 1972
 
Equinor, formerly Statoil, was formed by a decision of the Norwegian parliament and incorporated as a limited liability company under
the name Den norske stats oljeselskap AS. At the time owned 100% by the Norwegian
 
State, Equinor's initial role was to be the
government's commercial instrument in the development of the oil and gas industry in Norway. Growing in parallel with the Norwegian
oil and gas industry, Equinor’s operations were primarily focused on exploration, development and production of oil and gas on the
Norwegian continental shelf (NCS).
1979 – 1981
The
Statfjord
field was discovered in the North Sea and commenced production. In 1981 Equinor was the
 
first Norwegian company to
be given operatorship for a field, at
Gullfaks
 
in the North Sea.
1980s and 1990s
Equinor grew substantially through the development of the NCS (Statfjord, Gullfaks,
 
Oseberg, Troll
and others). In the 1990s,
Equinor started to grow internationally. Equinor also became a major player in the European gas market by entering into large sales
contracts for the development and operation of gas transport systems and terminals. During
 
these decades, Equinor was also
involved in manufacturing and marketing in Scandinavia and established a comprehensive network of service stations. This line
 
of
business was fully divested in 2012.
2001
Equinor was listed on the Oslo and New York stock exchanges and became a public limited company under the name Statoil ASA,
now Equinor ASA, with a 67% majority stake owned by the Norwegian State.
2007 - 2018
Equinor’s ability to fully realise the potential of the NCS and grow internationally was
 
strengthened through the merger with Norsk
Hydro's oil and gas division on 1 October 2007. Equinor’s business grew as a result
 
of substantial investments on the NCS and
internationally. Equinor delivered the world’s longest multiphase pipelines on the
Ormen Lange
 
and
Snøhvit
 
gas fields, and the giant
Ormen Lange development project was completed in 2007.
By 2007, Equinor had expanded into Algeria, Angola, Azerbaijan, Brazil, Nigeria, UK, and
 
the US Gulf of Mexico, amongst others.
2018 and 2019
Statoil ASA changed its name to Equinor ASA, following approval of the name change by the
 
company’s annual general meeting on
15 May 2018. The name supports the company’s strategy and development as a broad energy company in addition to reflecting
Equinor’s evolution and identity as a company for the generations to come.
The record-breaking
Johan Sverdrup
 
field came on stream in October 2019. It is powered by electricity from shore, making it one of
the most carbon-efficient fields worldwide.
2020-2021
Equinor sets an ambition be a leading company in the energy transition and to become
a net-zero company by 2050,
 
including
emissions from production to final energy consumption.
Equinor announced changes to the reporting segments, corporate structure and the corporate executive
 
committee (CEC) to further
strengthen its ability to deliver on Equinor’s always safe, high value, low-carbon strategy. The changes will support improved value
creation from Equinor’s world-class oil and gas portfolio, accelerated profitable growth
 
within renewables and the development of low-
carbon solutions.
In January 2021, civil works began at the
Northern Lights
 
development for carbon transport and storage. In June 2021, the final
investment decision was made for the first phase of the development of the
Bacalhau
 
field. The
Martin Linge
 
field was brought on
stream in June 2021, driven by electric power from shore. The third phase of the
Troll
 
field development came on stream in August
2021, producing from the Troll West gas cap. The electrification of
Troll West
is underway. In November 2021, the decision was
made to develop the third phase of the
Dogger Bank
 
offshore windfarm. To meet the growing demand, Equinor
scaled up gas
production
 
from the NCS in 2021.
22
 
Equinor, Annual Report on Form 20-F 2021
 
Current activities
Equinor’s access to crude oil in the form of equity, governmental and third-party volumes makes Equinor a large seller of crude oil,
and Equinor is the second largest supplier of natural gas to the European market. Processing,
 
refining, offshore wind and carbon
capture and storage are also part of our operations.
In recent years, Equinor has utilised its expertise to design and manage operations in various environments to grow
 
upstream
activities outside the traditional area of offshore production.
Equinor operates in around 30 countries and as per 31 December 2021 employs 21,126 people
 
worldwide. Equinor’s head office is
located at Forusbeen 50, 4035 Stavanger, Norway. The telephone number of its registered office is +47 51 99 00 00.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equinor, Annual Report on Form 20-F 2021
 
23
The following tables display major projects operated by Equinor, as well as projects operated by Equinor’s licence partners.
More information about ongoing projects is provided in the E&P Norway, E&P International, E&P USA, MMP and REN sections.
In our portfolio, an additional 30-35 projects are in the early phase,
 
maturing towards sanction.
Project startups and completions 2021
Name of project
Equinor's
interest
Operator
Area
Type
Vigdis boosting station
41.50%
Equinor Energy AS
North Sea
Oil
Zinia phase 2, block 17 satellite
22.15%
Total E&P Angola Block 17
Congo basin, Angola
Oil
Martin Linge
70.00%
Equinor Energy AS
North Sea
Oil and gas
Guañizuil 2A solar power project
1)
50.00%
Scatec Solar Argentina B.V.
San Juan, Argentina
Solar
Troll phase 3, tie-in to Troll A
30.58%
Equinor Energy AS
North Sea
Gas and oil
Ærfugl 2
36.17%
Aker BP ASA
Norwegian Sea
Gas and condensate
CLOV phase 2, block 17 satellite
22.15%
Total E&P Angola Block 17
Congo basin, Angola
Oil
 
Ongoing projects with expected startups and
 
completions 2022-2026
2)
Name of project
Equinor's
interest
Operator
Area
Type
Gudrun phase 2
36.00%
Equinor Energy AS
North Sea
Oil and gas
Peregrino phase 2
60.00%
Equinor Brasil Energia Ltd
Campos basin, Brazil
Oil
Askeladd, tie-in to Snøhvit
36.79%
Equinor Energy AS
Barents Sea
Gas and condensate
Njord future
27.50%
Equinor Energy AS
Norwegian Sea
Oil
Bauge, tie-in to Njord A
42.50%
Equinor Energy AS
Norwegian Sea
Oil and gas
Hywind Tampen, Snorre field
33.28%
Equinor Energy AS
North Sea
Floating offshore wind
Hywind Tampen, Gullfaks field
51.00%
Equinor Energy AS
North Sea
Floating offshore wind
Johan Sverdrup phase 2
42.63%
Equinor Energy AS
North Sea
Oil and associated gas
Dalia phase 3, block 17 satellite
22.15%
TotalEnergies E&P Angola S.A.
Congo basin, Angola
Oil
Vito
36.89%
Shell Offshore Inc
US Gulf of Mexico
Oil
Åsgard B low pressure
34.57%
Equinor Energy AS
Norwegian Sea
Oil and gas
North Komsomolskoye
3)
33.33%
SevKomNeftegaz LLC
West Siberia
Oil and gas
Ekofisk removal campaign 3
7.60%
ConocoPhillips Skandinavia AS
North Sea
Field decommissioning
Azeri Central East
7.27%
BP Exploration (Caspian Sea) Ltd
Caspian Sea
Oil
Breidablikk
39.00%
Equinor Energy AS
North Sea
Oil
Kristin South
54.82%
Equinor Energy AS
Norwegian Sea
Oil and gas
Northern Lights
33.33%
Northern Lights JV DA
North Sea
Carbon storage
Johan Castberg
50.00%
Equinor Energy AS
Barents Sea
Oil
Bacalhau phase 1
40.00%
Equinor Energy AS
Santos basin, Brazil
Oil and gas
Dogger Bank A, B and C
4)
40.00%
SSE Renewables
North Sea, UK
Offshore wind
Troll West electrification
30.58%
Equinor Energy AS
North Sea
Power from shore
Askeladd West, Snøhvit satellite
36.79%
Equinor Energy AS
Barents Sea
Gas and condensate
1) Technical service provider is Scatec Equinor Solutions Argentina SA.
2) Covid-19 creates considerable uncertainty, and we are unable to predict
 
the course of the pandemic or the impact.
3) In February 2022, Equinor announced its intention
 
to exit its business activities in Russia. See note
 
27 Subsequent events to the
consolidated financial statements.
4) Equinor assumes operatorship when wind farms
 
come on stream. Percentage is after Dogger
 
Bank C divestment, closed in February
2022.
eqnr20211231p25i0.jpg
24
 
Equinor, Annual Report on Form 20-F 2021
 
Research and development
Technology and innovation are identified as enablers to deliver on Equinor’s strategy.
 
Equinor continually researches, develops and
implements innovative technologies to create opportunities and enhance the value of its current and future
 
assets. A new technology
strategy is being set out, to enable
 
Equinor to stay at the forefront of the energy transition and create long-lasting value.
Equinor’s technology strategy sets the direction for technology development and
 
implementation to meet Equinor’s ambitions. Equinor
prioritises and accelerates high-value technologies for broad implementation in existing and new value
 
chains to:
Optimise production from existing and near field resources
Develop low carbon solutions for oil and gas
Develop renewable energy opportunities
Equinor utilises a range of tools for the development of new technologies:
 
In-house research and development
Cooperation with academia,
 
research institutes and suppliers
Project-related development as part of field development activities
Direct investment in technology start-up companies through Equinor Ventures’
 
investment activities
Invitation to open innovation challenges as part of Equinor Innovate
For additional information, see note 8 Other expenses to the Consolidated financial statements.
Slipforming at Dommersnes in July 2021, of substructures for Hywind Tampen floating offshore wind farm.
Equinor, Annual Report on Form 20-F 2021
 
25
Equinor’s competitive position
Equinor is an energy company with a portfolio dominated by oil and gas, but with an increasing
 
share of renewable energy sources
like offshore wind. Key factors affecting competition in all these segments are internal factors like costs, operational excellence,
project execution, and technology development, and external factors like environmental and governmental regulations
 
and access to
acreage and leases.
When acquiring assets and licences for development of energy either from oil and gas, or from renewable
 
energy sources, Equinor
competes with other integrated oil and gas companies as well as other energy companies. Equinor
 
also competes with these
companies when marketing and trading crude oil, natural gas and related products, and power from
 
renewable energy sources.
Equinor continues to optimise the oil and gas portfolio and explore new business opportunities in offshore wind, solar, hydrogen and
carbon capture, usage, and storage (CCUS). Improvements in cost and technology for renewables
 
have rapidly changed the
landscape in the recent years. Ambitious goals have been set for a low carbon energy business supporting
 
Equinor’s strategy; always
safe, high value, low carbon and the commitment to contribute to a sustainable energy future and a net zero emission
 
society.
Equinor's ability to remain competitive will depend, among other things, on continuous focus on reducing costs and
 
improving
efficiency, but also the ability to seize opportunities in new business areas, apply new and digital technologies, and reduce CO
2
emissions from operations.
 
The information about Equinor's competitive position in the strategic report is based on several sources such as investment
 
analyst
reports, independent market studies, and internal assessments of market share based on publicly
 
available information about the
financial results and performance of market players.
eqnr20211231p27i0.jpg
26
 
Equinor, Annual Report on Form 20-F 2021
 
Equinor’s value chain
Corporate structure
Equinor is a broad international energy company and its value chain includes most phases
 
from exploration of hydrocarbons through
development, production and manufacturing, marketing and trading, and a growing renewables business.
Effective 1 June 2021, Equinor made changes to the corporate structure and the corporate executive committee (CEC) to further
strengthen its ability to deliver on Equinor’s always safe, high value, low carbon strategy. The changes are intended to support
improved value creation from Equinor’s world-class oil and gas portfolio, accelerated profitable growth
 
within renewables and the
development of low carbon solutions. The new corporate structure consists of seven business areas
 
and five corporate centre units.
Equinor’s operations are managed through the following business areas: Exploration & Production
 
Norway (EPN), Exploration &
Production International (EPI), Exploration & Production USA (EPUSA), Marketing, Midstream &
 
Processing (MMP), Renewables
(REN), Projects, Drilling & Procurement (PDP) and Technology, Digital
 
& Innovation (TDI).
Exploration & Production Norway (EPN)
Managing Equinor’s upstream activities on the NCS, EPN explores for and extracts crude
 
oil, natural gas and natural gas liquids in the
North Sea, the Norwegian Sea and the Barents Sea. EPN aims to ensure safe and efficient operations
 
and transform the NCS to
deliver sustainable value for many decades. EPN is shaping the future of the NCS with
 
a digital transformation and solutions to
achieve a lower carbon footprint and high recovery rates.
Before 1 June 2021, EPN was referred to as Development & Production Norway (DPN).
Exploration & Production International (EPI)
EPI manages Equinor’s worldwide upstream activities in all countries outside Norway
 
and the USA.
 
EPI operates across six
continents covering offshore and onshore exploration and extraction of crude oil, natural gas and natural gas liquids;
 
and
implementing rigorous safety standards, technological innovations and environmental awareness. EPI's intent
 
is to build and grow a
competitive international portfolio - always safe, high value and low carbon.
Equinor, Annual Report on Form 20-F 2021
 
27
Before 1 June 2021, EPI was referred to as Development & Production International (DPI). Additionally, from 1 June 2021, the former
Development and production Brazil (DPB) is included in EPI and is no longer a separate business
 
area.
Exploration & Production USA (EPUSA)
EPUSA manages Equinor’s upstream activities in the US and US Gulf of Mexico,
 
both onshore and offshore exploration, development
and production of oil and gas. Equinor has been present in the US since 1987. EPUSA’s ambition is to develop a competitive portfolio
in the US. EPUSA produced around 18% of Equinor’s total equity production of
 
oil and gas in 2021.
Before 1 June 2021, EPUSA was referred to as Development & Production USA (DPUSA).
Marketing, Midstream & Processing (MMP)
MMP works to maximise value creation in Equinor’s global midstream and downstream positions.
 
MMP is responsible for global
marketing and trading of crude, petroleum products, natural gas and electric power, including marketing of the Norwegian State’s
natural gas and crude on the NCS. MMP is responsible for onshore plants and transportation in
 
addition to the development of value
chains to ensure flow assurance for Equinor’s upstream production and to maximise
 
value creation. Low-carbon solutions such as
carbon capture and storage and other low-carbon energy solutions, are also a part of MMP’s responsibility.
Renewables (REN)
REN reflects Equinor’s long-term goal to complement Equinor’s
 
oil and gas portfolio with profitable renewable energy. REN is
responsible for wind farms, solar as well as other forms of renewable energy and energy storage. REN
 
aims to do this by combining
Equinor’s oil and gas competence, project delivery capacities and ability
 
to integrate technological solutions.
Before 1 June 2021, REN was referred to as New Energy Solutions (NES).
Projects, Drilling & Procurement (PDP)
PDP is responsible for field development, well deliveries and procurement in Equinor
 
and aims to deliver safe, secure and efficient
field development, including well construction, founded on world-class project execution and technology
 
excellence. PDP utilises
innovative technologies, digital solutions and carbon-efficient concepts to shape a competitive project portfolio at the forefront of the
energy industry transformation. Sustainable value is being created together with suppliers through
 
a simplified and standardised fit-
for-purpose approach.
From 1 June 2021, PDP is a separate business area, while Research & Technology is part of the new business area Technology,
Digital & Innovation (TDI).
From 1 June 2021, Exploration is part of EPN, EPI and EPUSA, based on the location of the
 
exploration activities, and is no longer
 
a
separate business area.
From 1 June 2021, Global Strategy and Business development (GSB) no longer is a separate
 
business area, and its tasks are
covered by other corporate units.
Presentation
In the following sections in the report, the operations are reported according to the reporting segment.
 
Underlying activities or
business clusters are presented according to how the reporting segment organises its operations. See
 
note 4 Segments to the
Consolidated financial statements for further details.
As required by the SEC, Equinor prepares its disclosures about oil and gas reserves and certain
 
other supplementary oil and gas
disclosures based on geographic areas. Equinor’s geographical areas are defined
 
by country and continent and consist of Norway,
Eurasia excluding Norway, Africa, USA and Americas excluding USA. For more information, see section 4.2 Supplementary oil and
gas information (unaudited) in the Financial statements and supplements chapter.
Segment reporting
The reporting segments Exploration & Production Norway (E&P Norway), Exploration & Production
 
International (E&P International),
Exploration & Production USA (E&P USA), Marketing, Midstream & Processing (MMP) and Renewables
 
(REN) consist of the
business areas EPN, EPI, EPUSA, MMP and REN respectively. The operating segments, PDP, TDI and corporate staffs and
functions are aggregated into the reporting segment
 
“Other” due to the immateriality of these operating segments. Most of the costs
within the operating segments PDP and TDI are allocated to the E&P Norway, E&P International, E&P USA, MMP and REN reporting
segments.
Equinor’s upstream activities in the USA are a separate reporting segment since the second
 
quarter of 2020. As from the first quarter
of 2021, Equinor changed its reporting as REN became a separate reporting segment. Previously the activities
 
in REN were reported
28
 
Equinor, Annual Report on Form 20-F 2021
 
in the segment “Other”. The new reporting structure has been applied retrospectively with comparable figures
 
reclassified. The change
has its basis in the increased strategic importance of the renewable business for Equinor and that
 
the information is regarded useful
for the readers of the financial statements.
Internal transactions in oil and gas volumes occur between reporting segments before such volumes are
 
sold in the market. Equinor
has established a market-based transfer pricing methodology for the oil and natural gas intercompany
 
sales and purchases that meets
the requirements of applicable laws and regulations. For further information, see section 2.10 Operational performance
 
under
Production volumes and prices.
Equinor eliminates intercompany sales when combining the results of reporting segments. Intercompany
 
sales include transactions
recorded in connection with oil and natural gas production in the E&P reporting segments, and
 
in connection with the sale,
transportation or refining of oil and natural gas production in the MMP reporting segment.
 
Certain types of transportation costs are
reported in both the MMP, E&P USA and the E&P International segments.
The E&P Norway segment produces oil and natural gas which is sold internally to the
 
MMP segment. A large share of the oil produced
by the E&P USA and E&P International segments is also sold through the MMP segment.
 
The remaining oil and gas from the E&P
International and E&P USA segments are sold directly in the market. In 2021, the average
 
transfer price for natural gas for E&P
Norway was 14.43 USD/mmbtu. The average transfer price was 2.26 USD/mmbtu in 2020. For
 
the oil sold from the E&P Norway
reporting segment to the MMP reporting segment, the transfer price is the applicable market-reflective
 
price minus a cost recovery
rate.